Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total transaction of $975,005.85. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,784,877.65. The trade was a 7.64 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Rivian Automotive Stock Up 6.8 %
RIVN stock opened at $15.34 on Tuesday. The company has a market capitalization of $15.66 billion, a price-to-earnings ratio of -2.74 and a beta of 2.12. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The business's 50 day moving average price is $11.18 and its two-hundred day moving average price is $12.71. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $24.61.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. boosted its holdings in shares of Rivian Automotive by 72.2% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 89,764 shares of the electric vehicle automaker's stock valued at $994,000 after buying an additional 37,647 shares in the last quarter. Tidal Investments LLC lifted its position in Rivian Automotive by 28.8% during the 3rd quarter. Tidal Investments LLC now owns 268,952 shares of the electric vehicle automaker's stock valued at $3,018,000 after acquiring an additional 60,205 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in Rivian Automotive during the third quarter worth about $28,000. World Investment Advisors LLC grew its holdings in Rivian Automotive by 8.6% in the third quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker's stock worth $204,000 after purchasing an additional 1,446 shares during the period. Finally, Sanctuary Advisors LLC increased its stake in shares of Rivian Automotive by 9.0% during the third quarter. Sanctuary Advisors LLC now owns 44,675 shares of the electric vehicle automaker's stock valued at $457,000 after purchasing an additional 3,681 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $14.00 price target on shares of Rivian Automotive in a research report on Tuesday, September 10th. Wolfe Research started coverage on Rivian Automotive in a research report on Thursday, September 5th. They set a "peer perform" rating on the stock. Morgan Stanley downgraded Rivian Automotive from an "overweight" rating to an "equal weight" rating and lowered their price objective for the company from $16.00 to $13.00 in a research report on Wednesday, September 25th. Canaccord Genuity Group cut their target price on shares of Rivian Automotive from $30.00 to $28.00 and set a "buy" rating on the stock in a report on Monday, October 7th. Finally, Benchmark initiated coverage on shares of Rivian Automotive in a report on Monday, December 9th. They set a "buy" rating and a $18.00 price target for the company. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, Rivian Automotive presently has an average rating of "Hold" and an average target price of $15.83.
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Rivian Automotive Company Profile
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Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.
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